Our Rating: 92.8%

Editorial Moneycorp Review Summary: “Moneycorp is perhaps the best known and most trusted company in the foreign exchange industry. The industry veterans started in 1979 and haven’t stopped since. It is one of the largest companies of its kind, with £12bn in trading each year, and surprisingly, also boasts a superb online platform. MoneyTransferComparison.com’s readers are eligible for preferential rates and no fees on all transfers”.

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Is Moneycorp any good?

Yes. We have collated plenty of information about the company on our review (this page). To learn more, move to the Quick Facts tab, our Rating Summary tab, and read the rest of the review.

Who are you guys?

We’re MoneyTransferComparison; we review money transfer companies and compare between them, as well as write about the money transfer industry as a whole. As a part of our review process, we try to get unique offers for our readers.

Read More – Full Moneycorp Review:

Is Moneycorp Reliable?

Company size:

Incorporated in 1962 (first foreign exchange in 1979), Moneycorp is a mature company with a stable corporate structure and effective, focused customer service. Moneycorp primarily serves English-speaking customers, but it provides this serves exceptionally well. With more than 600 employees and £11+ billion in currencies exchanged annually, Moneycorp is the second-largest money transfer company in the UK, and one of the first ones . It also boasts the largest trading department in the industry.

Moneycorp Ltd. is headquartered in Victoria, London, and has several other offices in London (two are in Victoria).

Moneycorp’s long history has earned it awards in several different financial eras. Here are two relevant awards from recent years:

Best Financial Services Provider (OPP Awards) in 2011

Travel Money Provider of the Year (Consumer Moneyfacts) in 2015

Conclusion:

Moneycorp has been around for over four decades, maintaining an excellent reputation, and earning multiple awards relating to its services. With over 9.2m customer transactions in its 35 years of operating (7.2m customers trading just last year), and an astonishing £11bn transferred annually, we consider it the most reliable choice for currency transfers.

In addition to that, Moneycorp is probably the only money transfer company in the world to receive a full banking license from Gibraltar, which shows the level of credibility the firm has, as well as a 4A1 rating from D&B which is the highest among all foreign exchange firms in the UK.

Credibility Rating

Offices

We visited Moneycorp at its brand new offices in Victoria Street in London in August 2016. This is definitely one of the most impressive setups in the industry. An ultra-professional dealer team, extra-pleasant meeting rooms, and a friendly atmosphere all around. It is highly recommended that you come and meet them in person.

Moneycorp offices – photos:

Dealing Room

Reception / Waiting Area

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Do Clients Like Moneycorp? Moneycorp Reviews from Across The Web

Research:

With over 4,000 Moneycorp reviews submitted to Feefo, 98% of them being positive, we know that customers are happy with the service provided to them by Moneycorp. Feefo is a great platform that is utilised by over 2,000 retailers and service providers. It checks that all reviews are genuinely submitted by verified clients.

There are a few dozen more reviews to be found on other platforms such as ReviewCentre and TrustPilot, which are not necessarily uniformly positive like the ones on Feefo, but they are mostly aimed at Moneycorp money travel’s service, which is not our focus.

That some transfers did not go through on the same day as they were booked.

A relatively narrow selection of currencies.

Conclusion:

Looking at more than 4,000 positive reviews and less than 100 negative reviews about Moneycorp, it is easy to see that people are extremely content with the firm. The few negative reviews mostly relate to its travel money service, which is much trickier and has nothing to do with its international money transfer services.

Most complaints discuss how long it takes to sign up and the vast amount of documents that are required in order to use the service, as well as how difficult it is to change details on an existing account. This is a common complaint in this industry, and people who want to use a foreign exchange company should realise the nature of the process is like that because of the stringent regulations, enforced by the international Anti-Money Laundering law. These clients will experience the same difficulties with other companies in this sector.

Some clients that complained about trades not being executed at the same day don’t understand how the banking system works. When a certain bank is closed and unable to receive incoming payments, it is impossible to make a payment. Thus, same-day transfers aren’t readily available every hour of the day, and again, this is universally true, regardless of whether you use your bank or a payment provider.

The only complaint we found to be justified is about the relatively low selection of currencies to choose from. Most competitors have a wider selection. On the other hand, this is something that is very specific, as most clients will trade between one of the top 35 most popular currencies in the world, which Moneycorp does offer.

Exchange Rate & Fees

Research:

Fees: If you use our referral link, you will not have to pay any fixed amounts per wire transfer with Moneycorp.

Exchange Rates: Moneycorp works in the same way as other currency dealers. The larger the amount you transfer, the better the rates you will receive. With a company like Moneycorp which transfers £11bn per annum, liquidity is extremely high, giving it the ability to offer some of the lowest exchange rates in the market if the transfer size is significant.

Using the online platform means that rates will be fixed. They should provide significant saving, as compared to banks, and will hover around the same margins offered on other online platforms, at roughly 1-1.2%.

Update

You are eligible for Discounted Rates if you use our referral code. Simply click on one of the buttons on this page leading to Moneycorp’s sign up, and you will be eligible for better rates on the online system and over the phone.

Limits: The minimum transfer amount is £50, which is much lower than some competitor companies, and thus allows people to test the platform and the company with a very small transfer before they reach their main inquiry. It also allows you to send small personal gifts. There is no upper limit at all. Moneycorp works with many small and medium-sized businesses that transfer hundreds of thousands, and even millions, per transfer. This is one of the biggest advantages of choosing such a large company – you can rest assured that they have the experience to handle transfers of any size and type.

Banking: As Moneycorp is now licensed as a full banking facility. it is able to withhold client funds for any period of time the client chooses. Bespoke solutions for clients who are moving abroad are readily available through this.

Conclusion:

When we scan through client reviews, it is obvious that they are extremely satisfied with the currency exchange rates that are provided to them by Moneycorp. If the company did not offer competitive rates, it would not have grown to become the second-largest company in the FX industry. Since fixed fees are also waived, we recommend asking for a free quote, and then comparing it to your current provider (or another provider you have chosen from our selection of recommended providers).

Exchange Rates & Fees Rating

Global Reach & Service

Research:

Dedicated Dealer: Yes.

Offices: UK, USA, France, Spain (2 Offices), and Ireland.

Ways to approach: Email, telephone (international and local numbers), and meetings in worldwide offices.

Translations: None.

Accepts clients: Globally.

Currencies Handled: 90.

Client reviews: 98% positive.

Conclusion:

With 720 employees worldwide, there is no doubt in our mind that you will receive good service from Moneycorp, 24/7. Clients verify that, and there were no more than 1 or 2 complaints about the promptness and accessibility of service.

The office locations are spread out pretty well, which clearly demonstrates that Moneycorp focuses on the UK and European markets. It would have been better if it offered translations to other European languages, but they justifiably assume most of their potential clientele will be English-speaking.

The range of currencies handled by Moneycorp is one of the widest in the industry. When we first reviewed the company in 2014, it only handled 35 different currencies, but it handles 90, and can therefore deals with almost any currency pairing.

Overall, it has the largest dedicated dealer staff in the world, who are well-trained and professional, specialised in specific markets, and whose service is superb.

The company is set up so is that it enables you to know precisely how much money your recipient will get, without any hidden fees, and without incurring unnecessary fees.

For instance, if you are buying a property in France, it is extremely important that the seller knows exactly how much money will he receive with each instalment. The unknown part of the equation is how much the seller’s recipient bank will charge for accepting an international wire. The way Moneycorp avoids these sometimes hefty fees is through sending it domestically from the French office, as described below:

Global Reach Score

Additional Functionalities

Hedging:

Market Orders.

Rate Watch.

Largest selection of forwards (Vanilla, Participating, Extra, Range) up to 2 years.

Travel Money Order (from the same account set up for International transfers).

Receive Funds.

More: Regular Transfers, Repeat Transfers, Pay with Debit Card.

Moneycorp, undoubtedly, offers one of the most sophisticated products for businesses who need to hedge their FX exposure. With the personal dealer’s assistance, it is definitely possible to reduce the risk incurred by receiving payments in foreign currencies, while paying employees and suppliers with local currency.

Moneycorp was able to provide a substantial facility on competitive terms. My client’s stock purchases are denominated in USD and it needs to hedge around eight months forward. It already had facilities with a couple of other brokers, but needed to increase its overall facility.

Also I was not convinced that we were getting the best prices from the other brokers. To make matters more difficult, the balance sheet is weak. Within three weeks of first contacting Moneycorp, a £5m facility was agreed to, on terms either equal to or better than the other two brokers. The securing of this facility has given us sufficient headroom to achieve our growth plans and to be fully hedged pre-Brexit, and the pricing of deals has proved that Moneycorp has saved us moneySimon (Business Advisors), 01/08/2016, Verified Review

Another important point is that Moneycorp will sometimes help larger businesses book a forward transfers without making a down-payment (standard is 10%). That will assist businesses with their cash-flow, and will obviously depend on Moneycorp’s risk assessment (because this is a form of credit).

StarCard eligibility: Any client who transfers money via Moneycorp and is based in the UK is eligible for a free StarCard, a top-up debit card with 14 currencies, which offers a sizable discount on travel money rates.

For Merchants:

Moneycorp offers highly effective solutions for businesses of all sizes, from professional advisory (there are dealers that ONLY deal with the business sector), to one of the most comprehensive array of hedging features in the industry. In addition, Moneycorp allows you to receive international payments through it, which makes the process almost seamless – merchants don’t need to own their own FX accounts; they can receive everything in domestic currency.

App:

Moneycorp just came up with a new app that offers complete functionality to users. You can buy and sell currency through it, send money, view exchange rates, set up a rate notification, and book trades. The downside is that it is limited to non-US-based users who use Apple devices.

Conclusion:

These addintional functionalities are a strong area for Moneycorp. It offers 5 types of forward contracts, in addition to all the normal market orders (stop-loss, limit, rate watch, etc.). It offers specialised business accounts that exchange incoming FX payments, and on top of everything else, it offers professional guidance on how to optimally utilise these tools.

In addition to that, the pre-paid Star Card is a great benefit. People who move money abroad are more than likely going to need to travel from time to time, by using this card, rates are lower and buying foreign currency is easier (everything can be done from the same platform, without having to re-register).

Moneycorp isn’t a “young” hip company with a cool appearance and name like Transferwise, but it makes up for that with high levels of professionalism, and an extremely wide hedging offering. This makes perfect sense, since its target audience is small businesses and large property transfers, rather than remittances.

Review Summary

Credibility Score - 99%

99%

Client Feedback - 93%

93%

Fees, Exchange Rates - 92%

92%

Global Reach, Availability, Service - 91%

91%

Added Values - 92%

92%

Bottom Line

Moneycorp is one of the industry's veterans, and it definitely shows, particularly in its large staff of highly-trained professional dealers. Great flexibility with transfers ranging from as little as £50, up to business transfers of many millions. A full banking license like no other company has. Clients are satisfied with the services they are provided with, and the exchange rates are highly competitive. Moneycorp is no doubt one of the best companies to sign up with, especially through us. Use our Get Free Quote button to receive a free transfer!

36 comments

Nigel

Was very easy to work with them. Picked up cash at the airport at their station. They provided us with a selection of notes. The whole thing didn’t take more than a few minutes (opening the account, making the order, getting the confirmation, and receiving the cash).

Please note they have a refer-a-friend programme, so if you intend to get your mates aboard, use it to obtain free cash to your account.

Tried calling them today on (edited number) to understand formalities in order to open an account. However after 18 minutes of listening to the music I gave up when the clock reached 1pm as that is when I read their Sat service closed. My bank answers much more quickly.

Hello M! Moneycorp do not operate on a Sunday, as all other foreign exchange company, and banks. I suggest you click on the “Get Free Quote” button and fill in your details. You will be contacted by a member of the staff on Monday morning. We have personally tested the response time of Moneycorp on week days and we never had to wait in the queue. Cheers.

I think this article is outdated in that it says a margin hovering around 1-1.2%, yet I have found that it has been 3% for some time. I emailed about this but didn’t get a response. Finally had a phone call and argued false advertising as given rate so different from their home page rate and they reduced it to 1.5% so as ‘not to lose’ me.

3% markup is unreasonably high. The only case we would think it may be applied is with exotic currencies in micro-transfers, and even then, we’ve rarely seen it move above 2%. We have referred plenty of clients to Moneycorp and we have quite a lot of statistics to back up our claims (we sadly cannot publish the complete data due to the nature of our agreement with them).

In any case, our recommended M.O for any medium sized and up transfer is via telephone and negotiating the margin down (this is what most clients do). You are welcomed to view the “Large Transfers” tab on our homepage.

Thank you for your feedback and looking forward to hear about your experiences with other companies.

EDITED – I have forwarded this complaint onwards to Moneycorp. To my best understanding the matter has been resolved with the client. Please notify us if the information we have received is incorrect. We salute Moneycorp for their willingness to handle each complaint on in a timely manner.

Adrian, thank you so much for your comments about Moneycorp and SmartCurrencyDirect. It would be lovely if you could share more details about your transfer. Which dealer assisted you with the transfer? What kind of rates were you getting? How much time is “quick”? Did you have any difficulties signing up? etc.

When you say that you have’t used a certain unused amount, do you mean that it was transferred to them as a part of an international money transfer process? or money left on your multi-currency debit card?

I would like to know if you are offering services such as remittances to india from the gulf, USA, Canada etc since there are a lot of indians in these countries. This service could be on the line of The Western Union MoneyTransfer. Also let us know who are your agents in India if any?

Hi, I am emigrating to New Zealand and firstly will need to transfer a large sum from GBP into NZD, in addition, I am hoping to leave a large chunk safely stored in GBP should i need to return. Is this something moneycorp can facilitate?

Finally, I will need to make regular monthly payments from an NZD account (ANZ) to a GBP bank account, I’m assuming this is their bread and butter and is easily set up?

Really bad exchange rate at MONEYCORP Gatwick. My son bought Moroccan Dirhams at 8.07 as he was told “this was best rate he will get anywhere” MONEYCORP online rate was 10.95 and you can get better elsewhere. Complete RIP OFF. Don’t use them!

Hi Robert. We review their money transfer services, not travel money cash exchange. Very different ballgame. Considering the rental costs at the airport you would imagine exchanging currency there is a bad idea regardless of the provider at that airport (in the UK, most airport exchange offices, including Heathrow, are operated by Travelex, very similar rates).

I’v been using Moneycorp in the past few months for several transfers and i can’t praised them enough, they have been providing me outstanding customer service, very fast money conversion and transfers at a ver good rate. i will be using them again in the future for sure.

I have an amount of Euros in a UK bank holding account ( 11500.00 Euros ) I am thinking this may be a good time to convert it . Can I have it converted into Sterling and paid into my UK bank. or maybe can I have it converted into Thai Bart and paid into a thai bank account. I also send smaller amounts of money to Thailand. Do you feel Moneycorp maybe the company for me ? I have used Western Union and money gram in the past for small transfers, but the rates were not good and the fees worse. Many thanks.

Hmmmm, I don’t know who to believe. On this website moneycorp is rated over 4* and yet on trutpilot it is only 2*. A huge discrepancy.

We are about to move to France and need to set up regular payments from a UK bank ( Lloyds ) to a French bank ( undecided which one so any advice would be welcome).. This is a massive step and we need to get it right.

Hi Rob. On Feefo they have 4.6/5 with 4910 reviews. On TrustPilot there are indeed 67% bad reviews but only out of 120 reviews in total. Also, if you read through them all you can see a lot of them discuss issues with their travel money service (which is now somewhat discontinued by the way). If you combine the two you would get to of 4.2 stars, but if you clear out the ones discussing the travel money services it’s more like 4.5 stars. If you browse through forums and scrutinise the responses there, as well as readers comments on our website, you’d still be at around 4.5 stars range.

Now let’s delve into the complaints: – Some complain about difficulty signing up, which is just a general trait of the money transfer industry because of regulation. We don’t take those into consideration. – Some complain about poor rates. That could have been an issue sometime in the past but nowadays we are fully aware of the margins clients we have referred there get and the rates are great. Readers who use our referral links are eligible for no fees and preferential rates. So we don’t see it as a problem. – A lot of people complain about the complexity of the process. That’s probably the biggest con the company has, being a bit dated. But still, you can’t compare it to complaints about other companies like delays in transfer, getting a different amount than what they agreed on, transfer not going through after receiving a confirmation, or any complaint of that sort. – Only approximately 100 complaints we have reviewed portray the company as a “terrible experience all around”. That is 50 reviews out of 5000+ Moneycorp reviews by clients you can find on the web. 2% of the people.

To summarise, there are a few selected companies which have more unanimously positive client responses, but Moneycorp is generally really well liked by people who used it. We have referred a large number of clients there over the years and we can see how consistent they are with using Moneycorp for their various FX needs.

Thank you for explaining the breakdown figures for me. We’ve also looked at WorlDFirst and are deciding between the two. The only difference I can see is that Moneycorp has a lower minimum transfer amount.

Do you know if it is possible to set up an account with both and keep them sleeping until I need to move money (thereby having two quotes to choose between)?

The largest initial transfer will be when we find a property (around €300,000) and then a modest monthly transfer of around €1,000 per month.

No problem, happy to help. The two services are very similar. World First is a bit more straightforward and friendly, Moneycorp is a bit more old school. I reckon the best option is to sign up with both companies, it is absolutely do-able to sign up today and use the service when you need to someday in the future. I would strongly recommend speaking to both companies for a quote then, and let each company know you are rate-shopping around, it will motivate them both to give you even better rates.

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